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The Japanese economy and future growth prospects


  • Sian Fenner

    (Treasury, Government of Australia)


This paper examines Japanese growth prospects through a 3P framework - population, participation and productivity - and illustrates the importance of productivity growth in offsetting the effects of declining population and aggregate labour force participation. Without further structural reforms, particularly in the labour market and non-tradeable sectors, labour productivity growth will remain subdued and Japanese potential GDP growth constrained.

Suggested Citation

  • Sian Fenner, 2004. "The Japanese economy and future growth prospects," Economic Roundup, The Treasury, Australian Government, issue 1, pages 61-78, April.
  • Handle: RePEc:tsy:journl:journl_tsy_er_2004_1_3

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    References listed on IDEAS

    1. David Gruen & Glenn Stevens, 2000. "Australian Macroeconomic Performances and Policies in the 1990s," RBA Annual Conference Volume,in: David Gruen & Sona Shrestha (ed.), The Australian Economy in the 1990s Reserve Bank of Australia.
    2. Tony Makin, 1990. "The Cad: Not Really The Villain In Australia'S Macroeconomic Melodrama," Economic Papers, The Economic Society of Australia, vol. 9(3), pages 77-84, September.
    3. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
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    More about this item


    economic development; economic reforms; Japan; labour market; productivity;

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East


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